v3.26.1
LONG-TERM DEBT
 3 Months Ended
Mar. 31, 2026
LONG-TERM DEBT  
LONG-TERM DEBT

NOTE 10 – LONG-TERM DEBT

Long-term debt consisted of the following as of March 31, 2026 and December 31, 2025 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Rate Terms

​

​

​

​

​

​

​

​

​

​

as of

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 

​

Maturity

​

March 31, 

​

December 31, 

​

  ​ ​ ​

Type

  ​ ​ ​

2026

  ​ ​ ​

Date

  ​ ​ ​

2026

  ​ ​ ​

2025

Senior secured term loans

​

​

​

​

​

​

​

​

​

​

​

​

Term loan (7.17% and 7.38% as of March 31, 2026 and December 31, 2025, respectively)

​

Variable

​

SOFR
+ 3.50%

​

October 1, 2032

​

$

3,591,000

​

$

3,600,000

Senior secured notes (7.38% as of March 31, 2026 and December 31, 2025, respectively)

​

Fixed

​

Fixed
at 7.38%

​

October 1, 2032

​

​

1,000,000

​

​

1,000,000

Other long-term debt, including promissory notes related to aircraft purchases

​

Fixed

​

Various

​

Various

​

​

501,077

​

​

503,886

Total

​

​

​

​

​

​

​

$

5,092,077

​

$

5,103,886

Less current portion of long-term debt

​

​

​

​

​

​

​

​

(141,809)

​

​

(147,140)

Less unamortized deferred financing costs and debt discount

​

​

​

​

​

​

​

​

(55,833)

​

​

(57,977)

Long-term debt

​

​

​

​

​

​

​

$

4,894,435

​

$

4,898,769

​

As of March 31, 2026, the maximum available under the asset-based revolving credit facility (the “ABL Facility”) was $800.0 million. As of March 31, 2026, letters of credit outstanding, which impact the available credit under the ABL Facility, were $108.4 million, and the maximum amount available to draw under the ABL Facility was $691.6 million. These letters of credit primarily secure the obligations of AMR’s operations and the Company’s captive insurance program. At each of March 31, 2026 and December 31, 2025, the Company had not drawn on the ABL Facility.